Toyota Motor Corp is considering significantly expanding its production capacity in China as is seeks to catch up with global rivals in the world's largest auto market, a senior executive said on Monday. Toyota, the world's largest carmaker, is aiming to double sales in China to 2 million vehicles, a figure its China chief Hiroji Onishi said was the "minimum level" necessary to keep up with market leaders Volkswagen AG and General Motors Co. He did not set a timeframe for the increase."Because of the stronger push made by the U.S. and European automakers, our sales volume has been growing but our market share has been reduced to nearly half of what it was before," Onishi told reporters at the Auto China car show."Our honest feeling is that we have to do something about our reduced presence," he added, without giving a figure for the production increase.Toyota currently has an annual vehicle production capacity of around 1 million vehicles in China. It operates joint ventures with China FAW Group Corp and Guangzhou Automobile Group .
TOYOTA MOTOR CORPORATION is a Japan-based company mainly engaged in the automobile business and financial business. Shares of TM fell by 0.41% or $-0.45/share to $108.02. In the past year, the shares have traded as low as $103.38 and as high as $134.94. On average, 488884 shares of TM exchange hands on a given day and today's volume is recorded at 393123.
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